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A tax is a compulsory financial charge or some other type of levy imposed on a taxpayer (an individual or legal entity) by a governmental organization in order to fund government spending and various public expenditures. A failure to pay, along with evasion of or resistance to taxation, is punishable by law. Taxes consist of direct or indirect taxes and may be paid in money or as its labour equivalent. The first known taxation took place in Ancient Egypt around 3000–2800 BC.
Most countries have a tax system in place to pay for public, common, or agreed national needs and government functions. Some levy a flat percentage rate of taxation on personal annual income, but most scale taxes based on annual income amounts. Most countries charge a tax on an individual's income as well as on corporate income. Countries or subunits often also impose wealth taxes, inheritance taxes, estate taxes, gift taxes, property taxes, sales taxes, payroll taxes or tariffs.
In economic terms, taxation transfers wealth from households or businesses to the government. This has effects which can both increase and reduce economic growth and economic welfare. Consequently, taxation is a highly debated topic.

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  1. vshankar90

    NSW Capital Gains Tax for Resident Tax Payer - 482 Visa

    Hi All Looking for some help here. ATO Forums and Tax advisors are not giving the right answer or maybe they are busy :( Even got a paid consultation but getting contradicting answer I am on 482 TSS Visa - Co.Founder of a US HQ Startup with Subs in AUS. Looking to sell some shares. It comes...
  2. O

    NSW Income tax payable on receipt of income protection lump sum payment?

    I have been advised that income tax is payable on an income protection insurance lump sum payment (-legal costs) in the year it is received. Does whether the lump sum was negotiated prior to Court or decided at Court have any bearing how the ATO views the lump sum payment? ie as income in that...
  3. Jenny453

    WA FWC General Protections - Deeds, Tax, Centrelink, Child Support Implications

    Deed of Settlement. Where is it possible to find out how a deed of settlement and compensation paid under general protections FW Act interacts with tax and centrelink. And whether a payment can effect my child support.
  4. V

    NSW NSW Land Tax - Primary Production Exemption

    I recently purchased 15 acres land which is flood prone and at very low level. It is zone Rual RU4 small lots. Out of the 15 acres, about 10 acres are completely unusable (that is useless even for grazing!!!) due to running creeks, swamp, protected steep hill bush land. About 1000 sqm...
  5. K

    Change of a trustee due to death triggers tax assessment for US stocks held in fund via 706-NA form.

    My wife and i have been trustees of our superfund since 2013. The fund is not complex and assets are spread across a cash account, term deposit, Aust stocks and US stocks. My wife passed away in May 2020 and my son was then installed as the second trustee. My wife's assets were transferred to...
  6. phillip lian

    VIC Tax treatment of these transactions for all the relevant parties concerned (Superannuation)

    Jump Ltd pays $87,000 to Stretch Super, a non-complying fund, on behalf of John, an employee, who is currently aged 39. John also contributes $5,000 to a complying superannuation fund, Squat Super, for his wife, Jane, who has assessable income of $39,000, no reportable fringe benefits and no...
  7. Skateboard

    Obtaining copies of tax returns submitted by my family trust.

    I want to obtain copies of the tax returns submitted to the ATO by my family trust. I am not a contact person listed on the trust or hold any position in the trust. I do not want to approach my family accountant to obtain this information. Is there a way I can get this information?
  8. A

    SA Dodgey tax accountant

    For 5months we have been waiting for my husband tax return. Tax return was through a accountant. The ATO approved my husband refund at x amount 4 months ago. One month later my husband calls the office saying where’s my money why isn’t it in my account. The office said because of covid the ATO...
  9. J

    Tax on Working Holiday visa

    Hello, I am under a WHV (subclass 417) and i started farm work (specified to get a second year visa) a few weeks ago. I noticed that there is no tax on my pay slips. So i asked my manager and he says it is normal for the TFN declaration i have signed. I asked him a picture of it, and it shows...
  10. S

    NSW tax implications for Trustee

    Hey there everyone, I have been trowling through the ATO site to find this answer... I can't get through to them so I thought I would try here.... I am one of 6 siblings. Both parents have passed (within a couple of weeks of each other) and the estate administration is in a shambles. For some...